BT has released an update to its BT LifeCENTRAL+ quotation system, which will provide advisers with the opportunity to obtain online quotes for alterations to most in force policies for advised clients in less than 10 minutes.
Intended to result in time savings and making it easier to review clients’ life insurance needs, this enhancement to LifeCENTRAL+, includes a self-service functionality that allows advisers to provide a quote for the most commonly requested changes to in force policies, including changes to:
- Sum insured
- Optional benefits
- Frequency of premium payments
According to Steve Craig, Head of Adviser Distribution, Life Insurance at BT, the new feature benefits both advisers and clients. He says a adviser can be on a phone or video call with a client, conducting a review of their life insurance needs, and obtain a quote on the spot: “This can help the adviser and client make decisions on updating policies with minimal delay, resulting in a better client experience and more efficient process for the adviser,” says Craig
BT advises this round of enhancements to its LifeCENTRAL+ platform coincides with the tenth anniversary of the launch of BT Protection Plans, where it says key initiatives over the past 10 years have included:
- The growth of teleclaims, with most new claims across income protection, trauma, life and terminal illness policies now being processed over the phone, removing the need to fill out forms
- The introduction of electronic medical certificates to simplify claims processes for claimants and their doctors
- Customer-centric claims support
BT notes the new in force functionality is available for most eligible single life insured and stepped premium Protection Plans policies with risk commencement dates from 21 February 2011 (BT or St George Protection Plans) or 12 November 2010 (Westpac Protection Plans).
This is nice but their crazy IP increases make that necessary. It is dispiriting, though, to see that switching clients saves them as much as 45% on a like-for-like basis, if they give up agreed value for an indemnity policy that is the best 12 months out of the last 3 years. It is embarrassing for advisers who trusted BT and harmful for clients who have to go through a new insurance application.
This is nice but their crazy IP increases make that necessary. It is dispiriting, though, to see that switching clients saves them as much as 45% on a like-for-like basis, if they give up agreed value for an indemnity policy that is the best 12 months out of the last 3 years. It is embarrassing for advisers who trusted BT and harmful for clients who have to go through a new insurance application.
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